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Auditor: Scranton's pensions running out of cash

August 27, 2014
Associated Press

SCRANTON, Pa. (AP) — Pennsylvania's auditor general is warning that Scranton's three municipal pension funds will run out of money to pay benefits in a few years.

Auditor General Eugene DePasquale said Wednesday the city could be forced to declare bankruptcy within five years unless officials act immediately.

The funds remain in crisis even though the city's payment into them nearly tripled between 2008 and 2013.

The (Scranton) Times-Tribune (http://bit.ly/1tdblNv ) reports that an audit shows the firefighter fund is in the worst shape. It has assets of $15.8 million but pays out $6.4 million in benefits annually. At that rate it would run out of money in less than three years.

DePasquale says hundreds of retirees could lose their retirement benefits.

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Information from: The Times-Tribune, http://thetimes-tribune.com/

 
 

 

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